Cardano (ADA) has recently joined smart contracts-enabled blockchains. There have been many ups and downs in price since then, but for now, the ADA price has remained almost flat. Therefore, Cardano made a new attempt to start the price action. But will the plan work for sure? Here is Cardano’s “Tree Plan” and what they want to do.
Why Is Cardano (ADA) Not Moving?
Cardano had a fantastic month from the end of July and throughout August. It even hit an all-time high of $2.96 on Sept. 3, but price action has been pretty lackluster since then.
As we prepare this news for publication, Cardano has dropped a solid 23% from its all-time high despite multiple single-day gains. Such an increase was a significant time on September 22, when ADA rose 13.75% and had a strong impact on investors.
At the end of the day following the rise, over 300,000 investors joined the ADA network. However, the volumes of the investors were not as large as expected and only an increase of $3 billion was observed.
During the rest of the month, ADA did not experience any significant “positive” movements.
Despite all these developments, Cardano (ADA) did not experience the same big negative developments in September as it did in October, and it did not experience any sharp declines throughout October. If we look at it from a different angle, we can say that the movement of the Cardano price is now consolidated.
Despite many attempts to break the $2.34 resistance for almost a month, the resistance could not be broken. Although multiple wicks were made through it, the ADA snapped back under it.
So what is Cardano doing in the face of all these developments?
Following the conclusion of the Cardano summit, the Cardano Foundation began to act with the motto of a healthy environment, while also making an initiative to help Cardano increase DeFi (decentralized finance) adoption and participation.
The debate over the need for an eco-friendly token in the cryptocurrency world has been going on for a long time, and these discussions flared up when Tesla gave up the option to pay with Bitcoin, citing environmental concerns. The initiative hopes that between 15 and 1 million ADA will be donated so that these donations will be converted into tree planting.
Investors who donate Cardano are also planned to issue an NFT digital certificate called “NFTree”.
This strategy of the Cardano Foundation has never been tried before, so it is still unclear whether it will be successful. Nevertheless, this initiative of the foundation could be a very important step and make a positive contribution to the price action. It should not be forgotten that there is still a large audience in the world who do not find cryptocurrencies environmentally friendly and hesitate to invest.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.